Miton chairman Ian Dighé is passing his reins to David Barron as interim chief executive as Dighé moves into a non-executive board position from today.
The management reshuffle was announced alongside the group’s financial results, which saw a 70 per cent increase in profits to £5.1m for the year to 31 December 2016
Miton is now on the hunt for a chief executive and non-executive chairman on a permanent basis.
Barron, who joined the group in 2013 from JP Morgan Asset Management, was director of product strategy and investment trusts.
Under the leadership of himself and managing director Gervais Williams, Dighé says the business has “transformed” since its refinancing in 2011, and is now a “well-resourced and stable” asset management business.
On the management overhaul, he says: “In November 2016 the company announced that as part of the normal process of board refreshment I would be moving from executive to non-executive chairman. This transition will be effective from 16 March 2017.
“David Barron assumes my executive responsibilities on an interim basis in the role of chief executive officer, to continue building on the growing momentum within the group.
“It has always been my intention to initiate a search for a new non-executive chairman at this stage and stand down from the board following an orderly handover of responsibilities.
“The search for a new non-executive chairman is now underway. The company will also recruit a chief executive to lead the management team in the future.”
Miton reported a 4.3 per cent increase in assets under management to £2.9bn, with the multi-asset fund range increasing its AUM by 41 per cent to £672m.
Dighé says: “We aim to have diversification in our business, to offer both single strategy and multi-asset funds, delivering excellent client service with a robust operating platform and appropriate cost management.
“We are nimble and entrepreneurial and can take advantage of the opportunities that may arise from changes elsewhere in the fund management sector.”
It has £21m of cash on the balance sheet – up 51 per cent on last year – and has proposed a 49 per cent increase to its dividend, to 1p per share, reflecting “confidence in future prospects and momentum in assets under management.”